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Sep 28, 2012
09/12
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tough budget deficit with 43 new rules in it. let's see how this works out. today, though, today is all about the banks. and today i'm just wondering following on from the chihuahua we saw earlier and if we're being sold a pup on the spanish market story because the banks will be told by the big four auditors that they potentially have shortfalls of capital of 62 billion euros. that's okay, though, because that's well within the parameters of the 100 billion euro credit line coming from the center of europe. but is this stress test strenuous enough, is it just a snapshot in time? because we still have a falling housing market. price down between 20% and 30% and no sign yet of that house price falls stopping. we've got deposit flight. if more deposits are taken out, they need more capital. there are concerns also about bad date. the latest figures from the bank of spain with 9.9% of debt in arrears. that's 169 billion euros. and then the thorny question of the bad bank. you may say they're all bad banks, but the bad bank is actually where are they going to put
tough budget deficit with 43 new rules in it. let's see how this works out. today, though, today is all about the banks. and today i'm just wondering following on from the chihuahua we saw earlier and if we're being sold a pup on the spanish market story because the banks will be told by the big four auditors that they potentially have shortfalls of capital of 62 billion euros. that's okay, though, because that's well within the parameters of the 100 billion euro credit line coming from the...
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Sep 25, 2012
09/12
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on the deficit you can the one issue, by the way, romney is going to win, 73-6, worse, that is unbelievable, way off the charts. romney eeks out a gain here or a win within the poll's margin of error of 3 1/2%. one more thing i want to show you this is foreign policy in the news, the u.n. meeting in the news this week, america's standing on the world, 16% of americans worse off than four years ago, 44% think obama would be better for that issue in the next four years. why is this? let's take a quick look here. slightly better economic numbers? no our economic numbers show people think thing are about as lousy as they have been s it perhaps, next item, somewhat better stock market? not really. people don't think the stock market is that great. three reasons come up from our pollsters why this may be true. changes in racial support, personal appeal and tax issues. let me go through these real quickly. look at what happened in support from different racial groups here from our june survey to our september survey. latinos, bumped up by 15 points right there. african-americans bumped up by 23. 9
on the deficit you can the one issue, by the way, romney is going to win, 73-6, worse, that is unbelievable, way off the charts. romney eeks out a gain here or a win within the poll's margin of error of 3 1/2%. one more thing i want to show you this is foreign policy in the news, the u.n. meeting in the news this week, america's standing on the world, 16% of americans worse off than four years ago, 44% think obama would be better for that issue in the next four years. why is this? let's take a...
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Sep 26, 2012
09/12
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means we need to, you know, over the next few years, maybe five to ten years reduce our structural deficit by 1.5 trillion dollars a year. that's a lot of heavy lifting. you know, can we do that? perhaps. but the united states has gotten itself into a corner in terms of high debt level. it may lower real economic growth going forward. >> we didn't even bring up a picture of wimpy, the cartoon character you referred to in the last note. we'll look at the next one coming up shortly. >> thank you. >> certainly europe is a big part of the story again. another massive protest under way in spain. demonstrators railing against deeper austerity cuts. let's go to cnbc's own steve sedgwick in madrid. what's the situation on the ground? >> yeah. on the ground in this part of madrid we are just waiting to see if we see a recurrence of the violent scenes we have seen in the last 24 hours. scenes i have seen too much in greece and basically people are protesting against the kind of austerity that we know has to come if this country will get itself back on its feet. the austerity bill gross was talking a
means we need to, you know, over the next few years, maybe five to ten years reduce our structural deficit by 1.5 trillion dollars a year. that's a lot of heavy lifting. you know, can we do that? perhaps. but the united states has gotten itself into a corner in terms of high debt level. it may lower real economic growth going forward. >> we didn't even bring up a picture of wimpy, the cartoon character you referred to in the last note. we'll look at the next one coming up shortly....
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Sep 28, 2012
09/12
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it's really important for the french government to meet the deficit target, the 3% public deficit target for the next year, because failing to reach this target would put france in a difficult situation. so far the country has been treated really well by the markets if you compare for instance with spain, but failing would put them in the same situation as spain and italy. >> where are you standing there and when are we expected to get the details of the budget? >> the budget will be presented at the weekly committee meeting in the next couple of minutes, but we don't have any public announcement only later this afternoon here at the budget ministry. the budget finance and budget minister will unveil the details. so this is where i'm standing right now and this is where we're going to have the details a bit later in the afternoon. >> we'll watch for all that. stefane from paris for us. let's swing over to steve sedgwick in madrid. and your location has seen protests, has basically been one of getting a sense of what the public is looking at. now you're at the stock exchange there. it see
it's really important for the french government to meet the deficit target, the 3% public deficit target for the next year, because failing to reach this target would put france in a difficult situation. so far the country has been treated really well by the markets if you compare for instance with spain, but failing would put them in the same situation as spain and italy. >> where are you standing there and when are we expected to get the details of the budget? >> the budget will...
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Sep 27, 2012
09/12
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FBC
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narrowing the trade deficit and keeping manufacturing at home. the ceo of export now is telling us how his company is making it easier than ever for u.s. businesses to sell their products in china. >>> mitt romney's energy plan for drilling and mining on public lands will create millions of jobs and bring millions for state revenue. so who should be in control, the state or the feds? we'll be discussing that, coming up next. ♪ . i know the name of eight princesses. i'm an expert on softball. and tea parties. i'll have more awkward conversations than i'm equipped for because i'm raising two girls on my own. i'll worry about the economy more than a few times before they're grown. but it's for them, so i've found a way. who matters most to you says the most about you. massmutual is owned by our policyholders so they matter most to us. massmutual. we'll help you get there. monarch of marketing analysis. with the ability to improve roi through seo all by cob. and you...rent from national. because only national lets you choose any car in the aisle...
narrowing the trade deficit and keeping manufacturing at home. the ceo of export now is telling us how his company is making it easier than ever for u.s. businesses to sell their products in china. >>> mitt romney's energy plan for drilling and mining on public lands will create millions of jobs and bring millions for state revenue. so who should be in control, the state or the feds? we'll be discussing that, coming up next. ♪ . i know the name of eight princesses. i'm an expert on...
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Sep 28, 2012
09/12
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unveiling a 75% supertax rate for the wealthy as part of the eurozone country's plan to bring down its deficit. so which other countries have super-high tax rates? and what are the implications here in the u.s., robert frank? >> reporter: well, franco francois allan brought bad news for the french today. this increases their tax rate from 48% to a whopping 75% income tax rate. this would apply to people who make more than 1 million euros a year. and france now by far has the highest income tax in the world. if you look at this chart you see france there at number one, second place is aruba followed by sweden, 56%. then the u.s. way down on the ranks at number 35. sort of in the middle of the whole list with its again 35% top tax rate in the u.s. early estimates said this 75% tax rate would only affect around 30,000 taxpayers. but i've been on the phone with a lot of french tax lawyers this morning. they said the number's far lower. maybe only 2 to 3,000 people in france would actually pay this tax. the reason is that this tax really only applies to salary and ordinary incomes. it doesn't apply
unveiling a 75% supertax rate for the wealthy as part of the eurozone country's plan to bring down its deficit. so which other countries have super-high tax rates? and what are the implications here in the u.s., robert frank? >> reporter: well, franco francois allan brought bad news for the french today. this increases their tax rate from 48% to a whopping 75% income tax rate. this would apply to people who make more than 1 million euros a year. and france now by far has the highest...
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Sep 26, 2012
09/12
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the funny part about it is the president's own deficit and debt commission recommended something similar on tax reform, bringing down all the tax rates, expanding the base and eliminating tax credits and tax loopholes. dagen: ronald reagan, he did it. and then congress messed it up. bret, it was great to talk to you as always. thank you very much. please everybody -- well i know you all watch bret at 6:00 p.m. eastern on the fox news channel every night. if you don't, well, there you have it. you know what you will see tonight and every night. thanks bret. >> thanks. connell: hillary clinton, with some comments with higher taxes on rich people around the world, not just here, everywhere. we will talk to the judge andrew napolitano and get his thoughts on that. dagen: do you want to take a look at the treasury markets too? connell: i guess. dagen: we did a whole segment on treasury yields. here you go. connell: time now for your fox business brief. take a look at shares of american greetings today, they have been surging. the company received a go private offer from a group led by a ceo.
the funny part about it is the president's own deficit and debt commission recommended something similar on tax reform, bringing down all the tax rates, expanding the base and eliminating tax credits and tax loopholes. dagen: ronald reagan, he did it. and then congress messed it up. bret, it was great to talk to you as always. thank you very much. please everybody -- well i know you all watch bret at 6:00 p.m. eastern on the fox news channel every night. if you don't, well, there you have it....
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Sep 28, 2012
09/12
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will this do anything to rein in the country's deficit? could the u.s. ever go this far to raise revenues. here to weigh in, curtis dubai, senior policy analyst at the heritage foundation. you heard our shock and awe. record unemployment in france, barrage of data to economic stagnation. how could this tax rate not be devastating? >> doubt it will be. we should be grateful to france showing the folly of raising taxes that you confiscate three quarters of the income created by job createtores and income earns. it will be just as bad here if we go down that path. lori: greatful to france but a lot of people are hoping we'll go down that path. i mean we're at 35% individual income tax rate, curtis. again a lot of people are fearful if obama wins re-election that is the path we're headed on. what do you expect to happen to tax rates if he is reelected? >> you know, president obama does want to raise taxes. i don't think we'll ever go back to rates in the 70s of 75%. we've been there, done that. i don't think we'll go back to level. however president obama wa
will this do anything to rein in the country's deficit? could the u.s. ever go this far to raise revenues. here to weigh in, curtis dubai, senior policy analyst at the heritage foundation. you heard our shock and awe. record unemployment in france, barrage of data to economic stagnation. how could this tax rate not be devastating? >> doubt it will be. we should be grateful to france showing the folly of raising taxes that you confiscate three quarters of the income created by job...
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Sep 28, 2012
09/12
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the budget including spending cuts to reduce the deficit. what's the impact of what may well be the world's highest tax on the rich? robert frank takes a deeper look at that. >> thanks, carl. i never thought this would actually happen but the budget unveiled the new budget and it's bad news for france. people in france who make more than 1 million euros a year will have to pay 75%. i'll say it again because it's an amazing number. 75%. this would only affect 30,000 taxpayers and bring in a few hundred million a year, but this would be far and away the highest tax rate in the the world. so let's take a look. we have a chart. france, look at that. number one at 75%. number two is 58% in aruba. the u.s. on the chart ranks 35 on the list with its tax rate of 3 35%. the question now, carl, is whether all these taxes will lead to job flight from france. now tax lawyers i interviewed this morning say they are getting a fairly normal volume of calls. but that's because most people have made plans to leave. we talked about one. bernard arnault. he's
the budget including spending cuts to reduce the deficit. what's the impact of what may well be the world's highest tax on the rich? robert frank takes a deeper look at that. >> thanks, carl. i never thought this would actually happen but the budget unveiled the new budget and it's bad news for france. people in france who make more than 1 million euros a year will have to pay 75%. i'll say it again because it's an amazing number. 75%. this would only affect 30,000 taxpayers and bring in...
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Sep 28, 2012
09/12
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and most americans don't believe you have to touch medicare to take care of the deficit or the debt. >> listen, it's a numbers issue right? i'm a numbers guy. used to be 40 years ago that you had two people in america working to pay for every one retiree. now it's basically, you know, one worker paying for 10 to 20 different retirees because we've got this horrific demographic shift, 7500 people turning 60 every day. you're right. the numbers are unsustainable. what was interesting about your chart was this. i'll tell you what. the president is glad the election is only 39 days away. because yesterday kind of quietly, i don't want to get wonky, we had dismal economic data. we referenced it at the top. durable goods was terrible. boeing sold only one aircraft in august. gdp was revised down. 25% of people, i can't remember the source of the poll, basically said they'll slow down spending because of the fiscal cliff issue. things are slowing down because people, smart viewers of "morning joe" and cnbc know that we're going to get the biggest tax hike in history if congress doesn't do s
and most americans don't believe you have to touch medicare to take care of the deficit or the debt. >> listen, it's a numbers issue right? i'm a numbers guy. used to be 40 years ago that you had two people in america working to pay for every one retiree. now it's basically, you know, one worker paying for 10 to 20 different retirees because we've got this horrific demographic shift, 7500 people turning 60 every day. you're right. the numbers are unsustainable. what was interesting about...
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Sep 27, 2012
09/12
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64 billion euros worth of austerity which he hoped then would carry us through to 2014 and get the deficits back on track and get the economy back on track and get the pay masses of germany and the ecb off their backs. and the bond markets. all other things did not remain equal, and the economy continued to contract. the bond markets have begun to sell off now. and the pay masters say we need more austerity. for a country that's in deep recession that has 25% unemployment, 50% youth unemployment and a recessionary environment since december last year, that is a bitter pill to swallow. it is a bitter pill literally on the ground where i'm standing because for the last two nights, the public have protested. we've seen behind me these barricades which are blocking the entrance to the parliament for the protesters over the last 24 hours. that is where we saw the rubber bullets and indeed around thousands of protesters just bemoaning their luck in what is a tough environment. what will rajoy try and do next? we're talking about another bout of taxes, some saying 40 billion euros worth of spendin
64 billion euros worth of austerity which he hoped then would carry us through to 2014 and get the deficits back on track and get the economy back on track and get the pay masses of germany and the ecb off their backs. and the bond markets. all other things did not remain equal, and the economy continued to contract. the bond markets have begun to sell off now. and the pay masters say we need more austerity. for a country that's in deep recession that has 25% unemployment, 50% youth...